Chief executive of the £117m Capital & Regional Reit Lawrence Hutchings has resigned from his role after seven years to join office provider Workspace.
He will serve a 12-month notice period while the board commences a process to find a successor.
Capital & Regional invests in UK-focused retail property, centred on convenience and community focused shopping centres.
The company converted to a Reit structure in 2014, and currently yields 8.74% according to FE Fundinfo.
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David Hunter, chair of Capital & Regional, said: “Under Lawrence’s leadership, Capital & Regional has successfully weathered the combined impacts of the Covid 19 lockdowns and the broader structural changes in the retail market.
“With a portfolio of convenience and necessity focused shopping centres in key locations and serving the needs of their local communities, combined with the significant steps taken to strengthen the balance sheet, the company is on a strong footing. We also have an exceptionally strong and experienced management team focused on optimising performance from the assets.
“These factors, coupled with the improvements in our underlying operational performance, ensure that Lawrence leaves Capital & Regional well positioned to deliver growth in the coming years. On behalf of the board I would like to thank Lawrence for the significant contribution he has made to this company over the past seven years and to wish him well for the future.”
